The clarion., 1887-11-02

clearly developed by continuous and
indefinite connection between the two.
LII they were to have been selected for
early sale and investment, the direction
would have been TO select with that view.
The two purposes are by no means iden-
teal
And so the State understood the grant.
W hen II moved in the matter, il BEGAN
THE LEASING AND IMPROVING SYSTEM;
kept il up for five or six wears; and /
without any outlay on the part |
of the State, and with the smallest be.
ginning, it was paying a regular income |
of oyer :! 900 per annurn as far back as
1882. And was not that, as small a begin
ing as il evidently was, full one-half of |
what the Senator insists that Governor |
Brown considered in lS4S sufficient for |
the University; and on which estimate |
he himself bases the last computation in |
his table g.? Was ii not already, small /
as the beginning was, more than one |
third of the sum appropriated IN lS4S, |
and which the Senator so emphatically |
asserts TO have been all-sufheient and |
satisfying And what capacity there |
was for expansion in the further inn |
provement of those lands! 1t seems too
plain for argument that the lands were |
sold, not TO pat the Fund into perma-
nent and productive shape, but to foster
the Planters Bank.
Three years before, thai bank had
been chartered squarely in the teeth of
prohibition of the charter of the Missis-
sippi Bank; the State had taken two
millions of its stock, not by way of in
vestment, for it borrowed the money to
do 1t with; the stock of the State in the
Bank of Mississippi was directed to be
sold, and the proceeds invested in that
of the new pet; the three per cent fund
was put into it; escheats, fines, and all
revenue, except enough to pay current
expenses, were put in; and its stock ex-
empted from taxation. Then, in 1888, the
same year of the order of sale of Seminary
lands, at the same session of the Legis-
ture, it was further ordered. that the
Literary Fund, the three per cent fund,
and ANY OTHER SPECIFIED FUND pos
sessed by the State, should be put in;
and then-why then, this Seminary
Fund WAS CREATED by the peremptory
sale o. the Seminary Lands, aud put in.
And that, remember, when as previously y
shown, Gov. Scott had just notified the
Legislature that there was large short
gage, although three years had elapsed,
in the taking up of private stock
which, of course, meant that so much
money was still needed by ''the Govern
ment bank" as he calls it.
ONE OF THE SENATOR'S MISTAKES THE
ACT OF 1913.
The material parts of the act of lS4S
are as follows:
SECTION l. That the Treasurer of
this State be and he is hereby authoriz-
ed and required, on the first day of jan
uary and July in each and every year, to
place to the credit of the Trustees of
the University of Mississippi, the sum
of three thousand one hundred and
thirteen dollars and thirty seven and a
half cents;" Chat is to say, 6,226,75
per annum).
g SEC. 8 That the interest at six pei
centum upon the sum now standing OF
the books of the Treasurer of this State
shall be paid semi-annual Il
the warrant" etc.
The Senator says of this act Column l
second page), "IN lS4S WE MAD A SETTLE
MENT, WHICH ON THE PRINCIPLE OF RE
ADJUDICATA OUGHT TO HAVE BEEN FINA1
.
AMOUNT. II WAS ACQUIEsCED IN BY TIL
UNIVERSITY FOR MANY LONG YEARS, whe
that institution was managed by the ables
:urists in all the State WHEN AN AT
TEMPT WAS MADE TO REOPEN 1T IN lS5
BY Gov. MCRAE AND Mr.. THOMPSON,
| HAVE HERETOFORE EXPLAINED, TIL
ADJUDICATION OF 1S48 WAS AGAIN Al
FIRMED IN THE MOST SOLEMN MANEEI
IT WAS NEVER RE-oPENED UNTIL 1SS
AND THEN IN THE MODE HAVE STATED
Aud again, on page /, colum
J 4, under the capitalized title, "PRoCEEl
INGs IN 1885," speaking of the sum
SIS, ,5l1 50 shown by the books of Trea
urers Griffith and Clark to be standing
the credit of the Seminary Fund, he says
"The trustees up to that time acquiesce
| in the Indebtedness OF the State as show
by Treasurers Griffith and Clark, as aboS
, stated, getting in addition to the intere
on that debt, those liberal largesse
amounting at that time to more than 81 l
, 226 rs annually, besides the interest du
on the bonds. THERE WAS NOT VIII
PER OR SUSPICION THAT THE STATE OWE
MORE, OR THAT THE TRUSTEES CLAIME
MORE, Notwithstanding" etc. Now, reaC
er, as the Senator would say, "before yo
90 further, stop and reflect" on the for,
going passages. Get their statements an
: bearings clearly fixed in your mind an
then read carefully section l of that "a'
J Indicating" act of lSiS, which was 80 so
: emnly reaffirmed in 1856.
1l Now let US look at a scene in the Legi
: lature of 184S, the Legislature that passe
this "adludicating" bill, with that sectio
. / in it. To that Legislature the Governo
| ALBERT GALLATIN BRowN, whose men
ory has just drawn from the Senator Il
eloquent tribute lin which l sincere
,, | and respectfully concur) to ''his greatnes
!, his political sagacity, his sense of justic
:, and his devotion to IL interests OF Il
masses of the people," and from who
memory the Senator was 'glad OF the o
t portunity Of removing the reproach
having, by word or deed, given sanction
this unjust and illegal demand"-Go
A Brown had sent message containing the
words: ''The buildings for the State Ur
vers;ty at Oxford are progressing as rapi
/. ly as could be anticipated.
{ view Of the constantly increasing demal
+ for such an institution, ii is sincerely hop
v that it will receive the support of our pc
!. pie, and the fostering care of the Legl
q Iature. LONG YEARS OF NEGLECT ha
o dissipated large portion of its once mur
ficent endowment, but enough has be
:, saved from the general wreck to establi
= the institution on respectable and 81
! footing. In my last general message, I
Il Legislature was informed that about o
hundred thousand dollars of the Univt
>, sity Fund HAD BEEN LOST By AN IMPRON
. DENT INVESTMENT IN PLANTERS BAH
le STOCK. My reasons were then given
!; thinking the State bound 10 make indel
o nifty for the loss, and though not now
o peated, THEY ARE STILL ENTERTAINF
% thus the whole funds of the
b stitution amount to near Ninety-thr
a. thousand dollars, EXCLUSIVE OF II
le PLANTERS BANK DEBT. 1t Is hoped
further appropriation will be requir
5, for building purposes, and that whateN
d sum is ascertained to be due the Univer
,e ty, will at once be put at interest. I
,r State, in ny opinion, should retain
\ principal and pay the interest for the be
a eft of the Institution" See House JoI
- nal, 1S4S, PIP. % and %. Now turn to I
- same Journal, pp. GA and 645, aud read
= follows: "Mr. Whitmore, from the sell
io committee to whom was referred that p
= tion of the Governors message in relati
d to the University of the State, made I
following report
e "MR. SPEAKER-The select commit
y to whom was referred the memorial Of I
J. trustees OF the Mississippi University, ha
had the same under consideration and
1t structed me to report, that it appears fir,
ne examination of the books of the Audi
7e and Treasurer, the sum of four thousa
ID | two hundred and twenty dollars and thi
d | cents, arising from The lease of the Sc
Of mary lands, was paid into the treasury
of the State in the year 1888, and about il
Iv of the same year paid out to the Miss
Il sippi College; that in the years 1886 a
- Y, the sum Of eighty-four thousand a
: - nine hundred dollars of this fund '
!, invested in the purchase of stock
- the Planters Bank; and further, that
commissioner of this fund reported to
Governor that in the year 1845, the 81
- OF ten thousand two hundred and TWEEN
J. two dollars and twenty cents, arising fr
70 the ALE ot Semi lands 1zas raaid i,